Announcement PDF ANNUAL REPORT 2023 CONTENTS About Widgie Nickel  01 Chairman’s Letter  04 Review Of Operations  05 ESG Report  21 Directors’ Report  31 Auditors Independence Declaration  50 Independent Auditors Report  51 Directors’ Declaration  55 Consolidated Statement Of Profit Or Loss And Other Comprehensive Income  56 Consolidated Statement Of Financial Position  57 Consolidated Statement Of Changes In Equity  58 Consolidated Statement Of Cash Flows  59 Annual Mineral Resource Statement  92 Schedule Of Mining Tenements  94 Shareholder Information  95 Corporate Directory  98 ABOUT WIDGIE NICKEL LIMITED Widgie holds a unique consolidation of a vast 240km² prospective economy package nickel, metal of highly lithium and new prospects within the prolific Eastern Goldfields nickel sulphide belt situated proximal to significant infrastructure. Existing Mineral Resources of 170kt of nickel have been defined to underpin Widgie's aim to be a standalone Nickel producer with significant upside potential. A maiden lithium Resource declared with exciting upside potential. With dedicated technical, human and financial resources Widgie Nickel intends to build on the work completed on the Mt Edwards Project to date which provide a sound basis for mining studies to evaluate the development of a long life low carbon Nickel production centre. Advancing nickel and lithium Resources towards production Providing Critical metals for a cleaner future and growing decarbonisation Confirmed presence of copper, cobalt and PGM offers further value potential 1 FARADAY LITHIUM OPPORTUNITY COMES TO THE FORE Following discovery of rock chips grading up to 3.70% Li 2O in October 2022 the Company fast tracked its exploration and development activities at the Faraday Lithium deposit which has seen the deposit evolve to be on the cusp of development less than a year from time of discovery hitting key milestones along the way: October 2022 – Discovery of high grade rock chips and surface mapping November 2022 – Lithium exploration drilling commences January 2023 – Completion of initial exploration drilling program February 2023 – Offtake discussions commence for DSO March 2023 – Declaration of maiden resource May 2023 – Mining proposal lodged with DMIRS March 2023 - Metallurgical testwork confirms robust upgrade and ability to produce saleable concentrate August 2023 – Faraday mining proposal conditional approval received from DMIRS subject only to completion of a flora survey and clearance as prescribed under the Aboriginal Cultural Heritage Act 2021 2 WIDGIE SCOPING STUDY High grade nickel discovery Eastern Limb at Widgie Townsite Exploration success. Gillett South and Gillett North Extension Exploration review highlights potential nickel channels at Widgie South yet to be drill tested Resource infill drilling completed on all deposits 1Mt of inferred resource converted to Indicated as at 30 June 2023 Metallurgical testwork commenced Geotechnical data capture complete Design work commenced 3 Widgie Nickel Limited CHAIRMAN’S LETTER Dear Shareholder It has been an eventful year for your Company with many significant achievements made, building on the progress from the Company's inaugural year. The Company has been diligently working towards achieving the objectives set out in our Prospectus with a few welcome but unexpected surprises along the way that have further reinforced the value proposition of our 100% owned Mt Edwards project. Against waning sentiment towards nickel the Company remained focused on building the investment case, however with exploration success discovering a spodumene rich pegmatite outcropping on the Company's tenure this provided a new avenue for the Company to create value. The year was an eventful one with many highlights and regular news flow, with some twenty market sensitive announcements made throughout the year. Worthy of special mention is the discovery of Faraday, its delineation and the fast-tracking of the Company's lithium development in less than twelve months is quite remarkable. This coupled with the later discovery of the adjacent Trainline mineralisation augurs well for a development pathway in the forthcoming year. Up until the end of the financial year the Company has continued to invest significantly in drilling with over 100,000 meters of Reverse Circulation and Diamond drilling completed since ASX listing. The results of this drilling provides Widgie with increased confidence in its Resource base for its feasibility studies. This will allow the Company to further develop its nickel development strategy, not limited to development of a single mining operation, but to consider the project in a more cost-effective manner achieving economies of scale with multiple mines operating concurrently. An expanded standalone operation with a purpose built, bespoke processing facility designed to maximise recoveries and minimise operating costs per tonne. This will enable the Company to maximise revenues through the potential for sale to multiple counterparties achieving higher levels of payability, whether that be for the contained nickel and/or the increasingly valuable by-products. Widgie has prudently managed the proceeds of its initial $24m equity raising, however with the increased drill requirements associated with the lithium endowment the Company took the opportunity to bolster its cash reserves during the year by raising an additional $12 million and importantly attracting high quality institutional investors. The Company welcomes Virtue Investments Corporation as our new major shareholder and the continued support of the other participants supportive of the Company’s endeavours. I am happy to report that Steve Norregaard and the team have navigated these challenges and generated significant positive momentum that places us in a great position for the year ahead. The inherent value of the Company from a market perspective may well have retracted, however there remains much latent value that I am firmly of the view will rise to the surface as the year evolves and the Company’s progress advances. On behalf of the Board, I’d like to thank you for your continuing support and interest in the Company. We look forward to another exciting year ahead. Andrew Parker Non-executive Chairman 4 Widgie Nickel Limited Review of Operations REVIEW OF OPERATIONS The directors of Widgie Nickel Limited (“Company” and “Widgie”) present the Company’s financial report for the Company and its controlled entities (“Consolidated Entity” and “Group”) for the year ended 30 June 2023. Increased confidence in Resources, new discoveries and Lithium opportunity comes to the fore Mt Edwards Nickel and Lithium Project (Widgie 100%) Widgie controls a dominant ~240 square kilometre land package over the prolific nickel producing Widgiemooltha Dome located 80km south of Kalgoorlie in Western Australia. Ideally positioned adjacent to key infrastructure with an already established Mineral Resource base of some 170kt of contained nickel over 12 separate deposits, the Company plans to advance its Mt Edwards Nickel Project through to initial low capital cost development in addition to carrying out ongoing exploration searching for more high-grade sulphide nickel in the region. Increased confidence from the results from the Resource development infill, extension programs and exploration success have emboldened Widgie to commence a Scoping Study for a larger nickel mining operation than was previously planned including consideration of a standalone processing plant located onsite. In just over 8 months from rock chip discovery to mining permitting the emergence of the Faraday Lithium deposit and the potential for direct shipping ore presents the Company with a real near-term mining development opportunity to realise a return on the deposit. This has potential to provide funding to advance and pursue the Company’s larger nickel development activities and aspirations. Table 1 – Mt Edwards Project Nickel Mineral Resources Indicated Deposit Gillett Widgie 3 Widgie Townsite Munda Armstrong 132N Cooke Inco Boundary McEwen McEwen Hangingwall Mt Edwards 26N Zabel TOTAL Inferred TOTAL Resources Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Tonne (kt) Nickel (%) Nickel Tonnes 915 1.6 1,183 1.69 630 34 1.8 2.9 272 3,034 1.94 1.7 643 626 1,293 508 15 426 154 464 1,133 1,916 871 53 8,102 1.3 1.5 1.5 1.9 4.7 1.9 1.3 1.2 1.4 1.4 1.4 2.0 1.4 1,558 626 2,476 508 645 460 154 464 1,133 1,916 871 325 11,136 1.5 1.5 1.6 1.9 1.9 2.0 1.3 1.2 1.4 1.4 1.4 2.0 1.5 23,400 9,160 39,300 9,398 12,200 9,050 2,003 5,590 15,340 26,110 12,400 6,360 170,311 Mineral Resources quoted using a 1% Ni block cut-off grade. Small discrepancies may occur due to rounding. 5 Widgie Nickel Limited Review of Operations Figure 1 – Location map of Widgie’s Project Area – Mt Edwards Faraday Lithium deposit - Lithium opportunity comes to the fore Following discovery of rock chips grading up to 3.70% Li2O in October 2022 the Company fast tracked its exploration and development activities at the Faraday Lithium deposit which has seen the deposit on the cusp of development less than a year from time of discovery hitting key milestones along the way:      October 2022 – Discovery of high grade rock chips and surface mapping November 2022 – Lithium exploration drilling commences January 2023 – Completion of initial exploration drilling program February 2023 – Offtake discussions commence for DSO March 2023 – Declaration of maiden resource 6 Widgie Nickel Limited Review of Operations    March 2023 - Metallurgical testwork confirms robust upgrade and ability to produce saleable concentrate May 2023 – Mining proposal lodged with DMIRS August 2023 – Faraday mining proposal conditional approval received from DMIRS subject only to completion of a flora survey and clearance as prescribed under the Aboriginal Cultural Heritage Act 2021 Table 2 – 2023 Faraday Maiden Mineral Resource Estimate at a 0.30% Li2O grade cut-off Lithium Resources (0.3% cut-off) Deposit Faraday TOTAL Indicated Tonne Li2O (kt) (%) 105 0.65 105 0.65 Inferred Tonne Li2O (kt) (%) 376 0.58 376 0.58 TOTAL Resources Tonne Li2O Li2O (kt) (%) Tonnes 481 0.59 2939 481 0.59 2,939 Notes • • Tonnes and grades have been rounded to reflect the relative uncertainty of the estimate Faraday Mineral Resource is contained within tenement M15/102 The Faraday-Trainline Lithium Project area is located on Mining Lease M15/102, 4km west north-west of the Widgiemooltha townsite. Access is via the Coolgardie-Norseman Rd, 63km south of Coolgardie. Faraday and Trainline are central to Widgie’s Mt Edwards Project, covering a significant land holding within the “Lithium Corridor” between Mt Marion to the north and Pioneer Dome to the south (Figure 2). Figure 2 - Regional Geology showing Faraday and Trainline Lithium Project location, and surrounding lithium Projects 7 Widgie Nickel Limited Review of Operations Further exploration work has demonstrated that there is significant potential upside to the Company’s lithium resources at Faraday and surrounds. In July 2023 Widgie announced it had unearthed a new near surface lithium prospect directly to the north of the Faraday Lithium Deposit. The new prospect is named Trainline. In addition, at the Faraday deposit itself, 80 metre step out drilling to the west downdip demonstrated that mineralisation continues at depth. Overall, the drill results indicate strong potential to increase lithium resources. Further XRD analysis indicates that spodumene* is the exclusive lithium bearing mineral. The drilling results at Trainline and Faraday included: Trainline Discovery: • 23MERC118 and incl. • 23MERC114 • 23MERC113 Incl. Incl. 2m @ 0.86% Li2O from 4m 9m @ 0.82% Li2O from 17m 4m @ 1.19% Li2O from 22m 10m @ 0.68% Li2O from 43m 7m @ 0.79% Li2O from 43m 7m @ 0.61% Li2O from 30m 3m @ 0.94% Li2O from 30m Faraday Extension: • 23MERC129 • 23MERC131 and Incl. and • 23MERC132 and Incl. 1m @ 0.89% Li2O from 23m 3m @ 0.63% Li2O from 92m 3m @ 0.63% Li2O from 99m 1m @ 1.20% Li2O from 100m 4m @ 0.47% Li2O from 105m 2m @ 0.55% Li2O from 130m 5m @ 0.69% Li2O from 137m 3m @ 0.87% Li2O from 137m *XRD mineral identification of 16 samples, identifies spodumene as the exclusive lithium bearing mineral Figure 3 - Plan view of Faraday - Trainline Lithium Project. Displaying drill location and cross cutting dolerite intrusive. 8 Widgie Nickel Limited Review of Operations New Nickel discoveries – exploration success Following the discovery of Gillet North in the prior year, Widgie has continued to enjoy exploration success with the drill bit during the current year with exciting discoveries to the south of Gillett, Widgie Townsite and at Munda. A nickel Mineral Resource upgrade is targeted for the current half on the back of these strong results. Gillett In July 2023 significant nickel mineralisation intercepts outside of current Gillett Resource confirmed:  23MERCD057 extends Gillett mineralisation 270m to the south of the current Resource  23MEDD007 extends Gillett mineralisation 120m to the north of the current Resource  23MERCD027 confirms high-grade core of the Gillett North target  Widgie South remains open to the north and south of the current Resources  Drilling has increased Resource confidence for future mining studies Significant nickel intercepts include: Gillett: Infill 23MERCD004 12.0m @ 1.97% Ni from 192m Incl 7.90m @ 2.55% Ni from 194.1m Exploration 23MERCD057 7.00m @ 1.14% Ni from 295m Exploration 23MEDD007 2.12m @ 1.33% Ni from 218m Gillett North: Exploration 23MERCD027 13.2m @ 1.68% Ni from 278.88m Incl 2.51m @ 4.36% Ni from 289.57m Figure 4 - Gillett and Gillett North long section looking North East – 2023 drilling intercepts highlighted In May 2023, Widgie announced significant results at the Gillett Resource and surrounding areas, proving that mineralisation continues to the south of Gillett, an area previously considered “closed off”. Significant nickel intercepts included: 9 Widgie Nickel Limited Review of Operations 23MERCD017 30m @ 1.17% Ni, 0.14% Cu, 0.03% Co, 0.04 g/t Au, 0.11 g/t Pd, 0.09 g/t Pt from 214.0m Inc. 5.0m @ 2.07% Ni, 0.29% Cu, 0.06% Co, 0.13g/t Au, 0.25g/t Pd, 0.22g/t Pt from 214.0m and 11m @ 1.57% Ni, 0.18% Cu, 0.05% Co, 0.03g/t Au, 0.10g/t Pd, 0.11g/t Pt from 232.0m 23MERCD010 4.31m @ 1.14% Ni, 0.16% Cu, 0.04% Co, 0.04 g/t Au, 0.17 g/t Pd, 0.09 g/t Pt from 225.67m and 4.35m @ 2.77% Ni, 0.39% Cu, 0.08% Co, 0.22g/t Au, 0.31g/t Pd, 0.17g/t Pt from 233.99m 23MERCD022 7.41m @ 1.63% Ni, 0.20% Cu, 0.05% Co, 0.04 g/t Au, 0.25 g/t Pd, 0.11 g/t Pt from 214.0m These excellent drilling results to the north and south of the Gillett resource has extended the known nickel mineralisation to approximately 1.5km strike with infill drilling further increasing the confidence within the Resource. The 2023 Gillett Mineral Resource Estimate (MRE) update due to commence in August 2023 will include the maiden addition of the Gillett North discovery. Figure 4 demonstrates the 2023 drilling where hole 23MERCD057 extends the Gillett mineralisation 270m to the south of the current resource and is interpreted to be on the flank of the mineralised nickel channel. This hole will be utilised to conduct a downhole electromagnetic (DHEM) survey to vector future drilling to the core of the mineralised nickel channel. Gillett North infill drilling confirms the presence of high-grade nickel sulphide mineralisation (23MERCD027) on the western limb of the Gillett anticline. Recent structural interpretation suggests Gillett North is the continuation of the Gillett mineralised channel system (ref Figure 5). The mineralisation from Gillett has rolled over the Gillett antiform onto the western limb of the fold that represents the Gillett North mineralisation. Figure 5 - Schematic of Widgie South geology and mineralisation positions 10 Widgie Nickel Limited Review of Operations Figure 6 illustrates the current 2023 drilling of Gillett and Gillett North in plan view and section locations. Figure 6 – Plan view of Gillett showing drilling and locations of sections 11 Widgie Nickel Limited Review of Operations Figure 7 – Drilling being undertaken at the Gillett Deposit Widgie Townsite Significant nickel mineralisation intercepts at Widgie Townsite confirms:  High-grade nickel discovery on Eastern Limb of Widgie Townsite Syncline  Drilling to deliver increased Resource confidence for future mining studies at Widgie Townsite  High grade continuity at Widgie Townsite extends at depth  New Eastern Transitional mineralisation identified Significant nickel intercepts include: Eastern Limb: MEDD069 29.0m @ 1.66% Ni from 79m Incl. 5.0m @ 3.23% Ni from 88m Widgie Townsite: MEDD061 30.85m @ 1.59% Ni from 435m Incl. 13.43m @ 2.74% Ni from 449.7m And 3.36m @ 3.27% Ni from 471.3m 23MERCD039 14.0m @ 2.73% Ni from 509m Incl. 11.03m @ 3.19% Ni from 511m 23MERCD038 1.04m @ 5.49% Ni from 479.6m Eastern Transitional: 23MERCD039 43.0m @ 0.69% Ni from 65m 23MERCD038 22.0m @ 1.02% Ni from 36m A detailed structural review is underway to enhance the understanding of Widgie South. 12 Widgie Nickel Limited Review of Operations Figure 8 - Widgie Townsite long section looking Northeast - Significant intercepts shown Infill In regard to infill drilling from viewing Figure 8, MEDD061 and 23MERCD039 confirm the high-grade mineralisation plunge at Widgie Townsite that remains open at depth. Importantly MEDD061 shows an exceptionally wide mineralisation intercept of 30.9m @ 1.59% Ni including 13.4m @ 2.74% Ni from 435m and 3.36m @ 3.27% Ni from 471.3m. 23MERCD039 is immediately down plunge of MEDD061 which enforces the down plunge continuity of the high-grade mineralisation at Widgie Townsite returning 14.0m @ 2.73% Ni. 13 Widgie Nickel Limited Review of Operations Figure 9 – Plan view of Widgie Townsite and newly discovered Eastern Limb and Tranistional Mineralisation Zone. Displaying drill collar locations and section locations Transitional Mineralisation The near surface transitional intercepts (illustrated in Figure 8) from 23MERCD038, 23MERCD039, 23MERCD041, MEDD057, MEDD032, and MEDD062 have intercepted broad zones of transitional mineralisation at the base of oxidisation which collectively appear continuous representing a significant plume of mineralisation located off the known Widgie Townsite basal contact. These intercepts were discovered in the RC pre-collars after being identified through routine XRF analysis, with drilling not specifically targeting this newly discovered mineralisation. A further resampling campaign in nearby pre-collars confirms the extent of mineralisation from holes drilled to date. Further work is underway to consider the potential deeper source of this mineralisation. No drilling exists to the east of this, thus presenting as an excellent exploration target. Eastern Limb MEDD069, further to the south, provides a new significant target on the basal contact on the Eastern Limb of the Widgie Townsite Syncline returning 29m @ 1.66% Ni from 79m, including 5m @ 3.23% Ni. The Eastern Limb was untested due to previous drill angles being sub-parallel to the contact of the Eastern Limb (Figure 9 and 10). However, MEDD069 has highlighted the potential for a new nickel channel. This area will be subjected to further drill testing with drilling to be orientated from west to east as opposed to east to west. 14 Widgie Nickel Limited Review of Operations Figure 10– Widgie Townsite cross section showing high grade MEDD069 upon the now highly prospective Eastern Limb of Widgie Townsite Synform Munda On 26 June 2023, Widgie was pleased to announce it had received high-grade assay results from its recently completed drilling campaign at the Munda nickel deposit. High grade nickel mineralisation intercepts included: MEDD026 12.46m @ 2.05% Ni from 329.6m Incl. 6.06m @ 3.20% Ni from 336.0m MERC163 1m @ 4.35% Ni from 59m MERC167 6.12m @ 4.39% Ni from 246.25m Incl. 2.55m @ 7.08% Ni from 249.45m Additionally, further exploration success was achieved, with basal nickel mineralisation discovered 200 metres to the east of Munda deposit: MERC259 6m @ 0.81% Ni from 115m Incl. 2m @ 1.12% Ni from 115m The Company sees Munda as a complimentary satellite operation to the proposed Mt Edwards nickel operation, which will be centred at Widgie South and is currently the subject of feasibility studies. Given the existing significant nickel endowment, Munda with its high tenor mineralisation and low contaminant levels has potential to contribute high-quality ore to a larger scale, and/or longer life operation. The Munda mineral resource currently stands at 508kt @ 1.9% Ni for 9,398t of contained nickel @ 1% Ni cut-off (or 320kt at 2.2% Ni for 7,040t of contained nickel @ 1.5% Ni cut-off). 15 Widgie Nickel Limited Review of Operations Reinterpretation of the Munda 3D geological model has highlighted parallel high-grade mineralised shoots not previously understood. The Munda infill drilling will aid in increasing the confidence of the future resource reestimate increasing the proportion of Indicated resources at Munda for future economic studies. Enticingly, Munda remains open at depth and exploration success with MERC259 (6m at 0.81% Ni) 200m to the east of Munda’s M4 mineralised shoot unlocks a significant search space for further Munda style mineralisation shoots to be discovered. Further work is required to fully understand the context of MERC259 mineralisation. Figure 11 – Munda longsection looking South – 2023 Geology interpretation with historic significant intercepts Increased confidence in Resources Gillett As discussed above, subsequent and ongoing exploration success since the release of the below Gillett Resource in January 2023 is expected to result in Resource growth at Gillett in the forthcoming Resource reestimate schedule for H1 FY2024. The January 2023 MRE expanded the Gillett Mineral Resource by 20% to 1.56 million tonnes at 1.5% nickel, equating to 23,400 tonnes of contained nickel between 80 and 350 metres below surface. In addition, 60% of the Gillett Resource is now upgraded to the higher confidence Indicated category. Importantly, for the first time, the Gillett Resource now quantifies the Palladium and Platinum endowment, with Pd (0.17g/t) and Pt (0.08g/t) (equating to 8,515oz Pd and 4,007oz Pt). 16 Widgie Nickel Limited Review of Operations Table 3 - Gillett Mineral Resource Estimate at various nickel grade cut-offs Mineral Resource Classification Indicated Inferred TOTAL Cut-off (Ni %) Tonnes (kt) Ni % Ni tonnes 1 915 1.6 14,800 1.5 449 2.1 9,400 2 186 2.5 4,700 1 643 1.3 8,600 1.5 151 2.1 3,200 2 24 2.5 600 1 1,558 1.5 23,400 1.5 698 2.1 12,600 2 350 2.5 5,300 Infill results at Gillett, Widgie 3, and Widgie Townsite reaffirm confidence in the MRE and will be used in conjunction with the current drilling to re-estimate these Resources, to improve and expand geological confidence. Figure 12 –Widgie South long section looking East- Significant intercepts Armstrong Resource Upgrade and Scoping Study The Armstrong Deposit is on the cusp of being development ready, but will now be incorporated into a Scoping Study for a broader standalone nickel operation incorporating the Widgie South deposits and 132N. The Scoping Study for the larger longer life mining operations seeks to unlock substantially more value from Widgie’s entire Resource base. In November 2022, Widgie announced a new Mineral Resource Estimate incorporating Platinum-Group Elements (PGEs) for the Armstrong deposit (“Armstrong”). The new estimate included information derived from an additional 11,610m of new drilling across 38 holes, which allowed for a detailed reinterpretation of the geology and mineralisation. Indicated Resources at Armstrong have been increased to 630,000t @ 1.8% nickel for 11,500t Ni, with 98% of the Resource now within 17 Widgie Nickel Limited Review of Operations the higher confidence Indicated category, compared to 83% previously. The Resource now also quantifies the Palladium + Platinum + Gold (3E) endowment with Au (0.2g/t), Pd (0.4g/t) and Pt (0.2g/t) = 0.8g/t 3E (contained metal equating to 4,100oz Au, 8,300oz Pd and 4,100oz Pt). Table 4 - Armstrong Mineral Resource Estimate at a 1% nickel cut-off, October 2022 Class Tonnes (kt) Ni (%) Indicated Inferred Total 630 15 645 1.8 4.7 1.9 Ni metal (t) 11,500 700 12,200 Au (ppm) As (ppm) Co (ppm) Cu (ppm) Fe (%) MgO (%) Pd (ppm) Pt (ppm) S (%) 0.2 0.2 0.2 330 260 320 250 500 260 1,330 2,220 1,350 8.3 9.4 8.3 25 19 25 0.4 0.6 0.4 0.2 0.1 0.2 2.1 1.3 2.0 Note: totals may not sum due to rounding The Mineral Resource Estimate followed Widgie completing a maiden scoping study for the Armstrong deposit (see ASX announcement dated 26 October 2022 - Scoping Study Highlights Potential of Armstrong Mine). The scoping study detailed that at then spot assumptions of $US22,000/t Ni and AUD/USD exchange rate of 0.63 Armstrong would deliver free cash flows between $67.8 million and $68.7 million. Even at conservative base case assumptions of $US18,500/t Ni and 0.70 AUD/USD the project is robust with free cash flows between $20.8 million and $26.4 million. Current Nickel price compares favourably at approximately $20,000US/t Ni and 0.65USD/AUD. Figure 13 – An aerial view of the Armstrong open pit Metallurgy and Marketing The Company engaged WOOD Engineers to carry out metallurgical evaluation of both the Company’s nickel and lithium assets. Nickel work centred around the Armstrong deposit with work ongoing to determine the most appropriate flowsheet. Significant advancements have been made to maximise recovery using a bespoke flowsheet whilst having the added benefit of enabling unique processes to be tested to minimise contaminants that are considered penalties in mineral concentrates. Work remains ongoing with the intent of progressively testing each resource using this flowsheet to confirm the applicability of the chosen flowsheet to all Widgie resources. Lithium testing has confirmed acceptable recoveries are readily achievable using Heavy liquid separation (a proxy for Heavy media separation). Initial results using flotation show great promise with excellent +80% 18 Widgie Nickel Limited Review of Operations recoveries achievable at concentrate grades in excess of 6%. Further testwork is ongoing by the Company in addition to potential offtake discussions. Future Work The Company seeks to progress and complete offtake negotiations for its Faraday Lithium Resource. Subject to satisfactory completion of the foregoing and finalisation of the remaining approvals the Company is hopeful to commence mining of Faraday during the 2023/2024 financial year. On the Nickel front, completion of the Scoping Study on an expanded and standalone mining and processing operation incorporating the Widgie South deposits, Armstrong and 132N is expected in the first half and subject to a positive outcome this will progress to a full feasibility study. On completion of the final Resource development and infill drill programs re-estimation of calculation of Resources for all 6 Resources drilled during the previous 18 months will subsequently feed into the full feasibility study. In addition, the Company will have an ongoing targeted exploration effort on both nickel and lithium. Approvals Government approvals are in place for planned exploration activities at prospects across Mt Edwards including; Armstrong, 132N, Munda and Widgie South (Widgie Townsite, Gillett and Widgie 3). Government approvals allowing dewatering of the Armstrong pit and clearing requirements are also in place with approval for proposed mining of a “starter pit” at Faraday pending as at years end. Fund raising – Strongly supported placement A little under two years since the Company’s listing on the Australian Securities Exchange (ASX code: WIN) the Company completed its first additional capital raising in May 2023. The raising was a strongly supported $12 million placement at $0.26 per share to fund the continued growth and development of the Mt Edwards Project. The placement received strong support from new and existing institutional and sophisticated investors including the introduction of Virtue Investments Corporation (VIC) as a 9.9% shareholder. VIC is a subsidiary of Ascend Global Investment Fund SPC (AGIF SPC) – Strategic SP. VIC Rights Whilst VIC holds at least a 5% equity, securities or convertible interest in Widgie, VIC will have a first right of refusal in relation to future debt financing. In addition, the Company will use its best endeavours to facilitate VIC’s participation in future equity offers. These rights are subject at all times to prevailing ASX Listing Rules and compliance with applicable laws. Where VIC holds at least a 9.5% interest in Widgie, and if Widgie seeks to expand its Board of Directors, the Company will consider in good faith the appointment of one VIC representative to the Board. Competent Person Statement The information in this report that relates to exploration results is based on and fairly represents information and supporting documentation compiled by Mr William Stewart, who is a full-time employee of Widgie Nickel Limited. Mr Stewart is a member of the Australian Institute of Metallurgy and Mining (member no 224335). Mr Stewart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Rese